Today’s news in brief-24/1/24

The Chair of B&M, Peter Bamford, has confirmed his retirement this calendar year after serving in the role since March 2018. An executive search firm has been appointed to initiate the recruitment process for a new chair, led by senior independent director Tiffany Hall. While no retirement date has been set, Bamford will continue in his role to ensure a smooth transition to his successor. B&M's CEO, Alex Russo, expressed gratitude for Bamford's contribution and highlighted the company's strong foundations and successful leadership team. Aldi plans to recruit over 500 apprentices across the UK in 2024, covering roles in stores, buying, logistics, and HGV driving. The move is part of Aldi's broader expansion strategy, with 6,000 new roles created in the UK in the previous year. The company also announced increased pay rates for some apprenticeship roles, offering opportunities for skill development, industry-recognized qualifications, and additional benefits such as shopping discounts and mortgage advice. Aldi emphasises the importance of apprenticeships in shaping future leaders. The British Retail Consortium (BRC) has launched its "Manifesto for Retail" in anticipation of the upcoming General Election. The manifesto outlines three main aims: a coordinated approach to tax and regulation, job reforms focusing on higher skills, and net-zero initiatives, including a circular economy. The BRC emphasised the need for government policies that support industry growth and job upskilling, especially as retail evolves digitally. The manifesto also advocates for waste and resource regulations that enhance recycling rates without raising costs for consumers. Private equity firm Bridgepoint has made a strategic investment in RoC Skincare, acquiring the brand from Gryphon Investors for an undisclosed amount. RoC, a leading independent skincare brand founded in 1957, has seen significant growth since its independence in 2020, with a 70% revenue increase. Bridgepoint aims to support RoC's growth in European markets and strengthen its online presence. The investment aligns with Bridgepoint's focus on businesses in the dermatology ecosystem. The Co-operative plans to increase its member-owners from five million to eight million by 2030. The decision comes as the Co-op experiences significant growth in membership, with a 15% increase in active member-owners compared to the previous year. The Co-op aims to broaden its reach across core businesses like Food, Funerals, Legal, and Insurance. CEO Shirine Khoury-Haq emphasised the unique nature of Co-op membership as a way of doing business, involving members in decision-making and community support. Fashion retailer Quiz reported an 11% decrease in group sales to £8.8 million during Christmas trading. The company attributed this decline to "inflationary pressures'' affecting consumer demand, leading to reduced traffic both in-store and online. Despite these challenges, Quiz's gross margin performance remained consistent year-on-year. The company's board remains confident in achieving current market expectations for the full year and is actively reviewing strategic options, with findings expected by the end of March 2024.

Today’s news in brief-24/1/24

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